Fintech company Pine Labs announced on Friday that it has raised $150 million from Alpha Wave Global, bringing its total funding to around $870 million in the last seven months. The company declined to disclose the valuation at which the funds were raised, however, an ET report estimate it to be $5 billion.
“Alpha Wave Venture has invested $150 million in Pine Labs. We are happy to bring a marquee investor on board. Our omnichannel strategy is showing strong revenue growth. We are also seeing strong growth in international markets,” said Pine Labs CEO Amrish Rau.
This round of funding comes on the heels of the company receiving a $20 million investment from the State Bank of India a month ago. Pine Labs, whose investors include Sequoia Capital, Temasek Holdings, Actis, PayPal, and Mastercard, competes with other fintech companies such as BharatPe, Mswipe, Paytm, and Razorpay.
Pine Labs raised $600 million in July last year from a group of new investors at a $3 billion valuation, followed by a $100 million fundraise from the US-based Invesco Developing Markets Fund.
Along with expanding its merchant commerce offerings at the point-of-sale, Pine Labs is now investing in growing Plural, its newly launched brand of online payment products, and establishing itself as a preferred omnichannel partner for merchants.
Additionally, it is expanding its Buy Now Pay Later (BNPL) operations throughout India and Southeast Asia. Through its April 2021 acquisition of Fave, a Southeast Asian consumer fintech platform, the company entered the consumer payment space, and through its 2019 acquisition of Qwikcilver, the company established a sizable presence in the Gift, Prepaid, and Stored Value segment.